Canada increases financial proof requirements for international students from September

After more than a year and a half, Canada continues to increase the requirement for financial proof when applying for a study permit in this country, by nearly 11% compared to before.

Canada's top University of Toronto campus

PHOTO: UNIVERSITY OF TORONTO

Immigration, Refugees and Citizenship Canada (IRCC) has just updated the financial proof requirement in the study permit application, increasing it by nearly 11% from CAD 20,635 (VND 397 million) to CAN 22,895 (VND 440 million). This change officially took effect from September 1 and this is also the second time this country has decided to increase the financial proof requirement, previously from CAD 10,000 (VND 192 million) to the current level in early 2024.

This amount only applies to the main applicant, and is the minimum amount you need to prepare in addition to tuition fees and travel expenses for the first year of study. If you are traveling with relatives, you must prove an additional amount depending on the number of people traveling with you. However, if you are traveling with an 8th or more person, for each additional relative, you must prove an additional amount of CAD 5,559 (VND 106 million).

IRCC also noted that this regulation only applies to international students studying in all provinces and territories other than Quebec. Meanwhile, if studying in Quebec, applicants must prove their financial resources depending on their age, respectively CAD 7,756 (VND 149 million) and CAD 15,508 (VND 298 million) for international students under 18 years old and 18 years old and older. The cost will increase if international students are accompanied by relatives.

The increase in financial proof requirements is also an annual move by Canada to reflect the current increase in the cost of living in the country, according to CIC News . To prove financial means, IRCC said applicants can submit various types of documents such as proof of having a Canadian bank account in their own name (if they have transferred money to Canada), a guaranteed investment certificate (GIC), bank statements for the last 4 months, a letter of confirmation from an individual or school sponsoring the applicant's study abroad expenses, etc.

Previously, Canada also increased language requirements and conditions for applying for a post-graduation work permit (PGWP), eliminated the fast-track study permit approval process, reduced the quota of new study permits by 10% compared to 2024, down to 437,000, applied to master's and doctoral degrees instead of only bachelor's degrees as before... However, on the positive side, Canada has expanded opportunities for international students to stay and work, while increasing the number of hours they are allowed to work part-time.

According to a report from IRCC, Canada attracted more than 1 million international students to study in 2023. IRCC statistics also show that the total number of Vietnamese students studying in Canada has been on a continuous downward trend, from 21,480 in 2019 to 16,140 in 2022. However, by 2023, the number of Vietnamese students in Canada increased slightly to 17,175, ranking 8th in number, making this place one of the top English-speaking study abroad destinations alongside the US and Australia.

Source: https://thanhnien.vn/canada-tang-yeu-cau-chung-minh-tai-chinh-voi-du-hoc-sinh-tu-thang-9-18525070513581152.htm